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Accountants distinguish personal property from real property because personal property can be depreciated faster than improvements (while land is not depreciable at all). It is an owner's right to get tax benefits for chattel, and there are businesses that specialize in appraising personal property, or chattel.
However, mortgages against chattels must be registered in the province-wide registry set up under the Personal Property Security Act. In the case of a trailer home, whether it is a fixture or chattel has a bearing on whether a real property mortgage applies to the trailer.
The division of property into real and personal represents the division into immovable and movable incidentally recognized in Roman law and generally adopted since. "Things personal", according to Blackstone, "are goods, money, and all other movables which may attend the owner's person wherever he thinks proper to go" (Comm. ii. 16).
The basic distinction in common law systems is between real property (land) and personal property (chattels). Before the mid-19th century, the principles governing the transfer of real property and personal property on an intestacy were quite different. Though this dichotomy does not have the same significance anymore, the distinction is still ...
Trespass to chattels, also called trespass to personalty or trespass to personal property, is a tort whereby the infringing party has intentionally (or, in Australia, negligently) interfered with another person's lawful possession of a chattel (movable personal property). The interference can be any physical contact with the chattel in a ...
In modern common law, if the property owner allows the accession through bad faith, the adder of value is entitled to damages or title to the property. If the individual who adds value to the owner's chattel (personal property) is a trespasser or does so in bad faith, the owner retains title and the trespasser cannot recover labor or materials ...
Personal property is a standard coverage on a homeowners insurance policy. It covers belongings like furniture and clothing, paying up to a certain limit if they are stolen or damaged by a covered ...
Chattel may refer to: Chattel, an alternative name for tangible personal property; A chattel house, a type of West Indian dwelling; A chattel mortgage, a security interest over tangible personal property; Chattel slavery, the most extreme form of slavery, in which the enslaved were treated as property; The Chattel, a 1916 silent film